Token

<div class="insidebitcoins"><p>Coinbase shares rose as it said it was granted a new payment license from Singapore that allows it to expand its Digital Payment Token service to institutions and individuals in the island nation.</p><p>The Monetary Authority of Singapore granted Coinbase a Major Payment Institution (MPI) license one year after the exchange received in-principle approval in October 2022, it said in a blog post published on Oct. 1.</p><p>“The approval for Coinbase in Singapore sent shares up 5% in pre-market trade,” said Susannah Streeter, head of money and markets at UK financial advisor Hargreaves Lansdown. “Investors see the granting of the full licence as a boost for the exchange in pursuing business with more traditional financial institutions.”</p><p>The gains were subsequently pared with the stock up 3.5% at $77.73 at 10am ET.</p><blockquote class="twitter-tweet"><p>Major Payment Institution (MPI) licence from the Monetary Authority of Singapore: secured. Thank you MAS. https://t.co/VXkTmw7tVf</p><p>— paulgrewal.eth (@iampaulgrewal) October 2, 2023</p></blockquote><h2 id="coinbase-s-quiet-expansion">Coinbase’s Quiet Expansion</h2><p>“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” it said. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.”</p><p>Coinbase’s venture capital arm has been investing in Web3 startups in the country for three years In 2022, the exchange established a tech hub in the country, which has since hired multiple engineers and product managers who were working on Web3 solutions.</p><p>“With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry,” the announcement said.</p><h3 id="related-stories">Related Stories:</h3><ul><li>10 New Upcoming Coinbase Listings in 2023</li><li>Coinbase To Offer Derivatives To Non-US Retail Traders</li><li>Coinbase Wins Approval for Crypto Futures Trading in US</li></ul><p>Source: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/coinbase-shares-gain-on-new-singapore-payment-license-that-fortifies-overseas-expansion-tbt64829.html">https://thebittimes.com/coinbase-shares-gain-on-new-singapore-payment-license-that-fortifies-overseas-expansion-tbt64829.html</a></p></div>

Coinbase Shares Gain On New Singapore Payment License That Fortifies Overseas Expansion

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TheBitTimes

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